Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-111596 | |
Entity Registrant Name | PERMA FIX ENVIRONMENTAL SERVICES INC | |
Entity Central Index Key | 0000891532 | |
Entity Tax Identification Number | 58-1954497 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 8302 Dunwoody Place | |
Entity Address, Address Line Two | Suite 250 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30350 | |
City Area Code | (770) | |
Local Phone Number | 587-9898 | |
Title of 12(b) Security | Common Stock, $.001 Par Value | |
Trading Symbol | PESI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,214,910 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash | $ 7,222 | $ 7,924 | |
Accounts receivable, net of allowance for doubtful accounts of $60 and $404, respectively | 11,816 | 9,659 | |
Unbilled receivables | 5,696 | 14,453 | |
Inventories | 543 | 610 | |
Prepaid and other assets | 4,132 | 3,967 | |
Current assets related to discontinued operations | 18 | 22 | |
Total current assets | 29,427 | 36,635 | |
Property and equipment: | |||
Buildings and land | 20,622 | 20,139 | |
Equipment | 22,104 | 22,090 | |
Vehicles | 454 | 457 | |
Leasehold improvements | 23 | 23 | |
Office furniture and equipment | 1,423 | 1,413 | |
Construction-in-progress | 2,643 | 1,569 | |
Total property and equipment | 47,269 | 45,691 | |
Less accumulated depreciation | (28,906) | (27,908) | |
Net property and equipment | 18,363 | 17,783 | |
Property and equipment related to discontinued operations | 81 | 81 | |
Operating lease right-of-use assets | 2,570 | 2,287 | |
Intangibles and other long term assets: | |||
Permits | 9,270 | 8,922 | |
Other intangible assets - net | 935 | 875 | |
Finite risk sinking fund (restricted cash) | 11,469 | 11,446 | |
Deferred tax assets | 2,460 | ||
Other assets | 829 | 890 | |
Total assets | 75,404 | 78,919 | |
Current liabilities: | |||
Accounts payable | 9,717 | 15,382 | |
Accrued expenses | 6,654 | 6,381 | |
Disposal/transportation accrual | 1,028 | 1,220 | |
Deferred revenue | 3,435 | 4,614 | |
Accrued closure costs - current | 74 | 75 | |
Current portion of long-term debt | 396 | 3,595 | |
Current portion of operating lease liabilities | 387 | 273 | |
Current portion of finance lease liabilities | 257 | 525 | |
Current liabilities related to discontinued operations | 332 | 898 | |
Total current liabilities | 22,280 | 32,963 | |
Accrued closure costs | 7,026 | 6,290 | |
Deferred tax liabilities | 471 | ||
Long-term debt, less current portion | 702 | 3,134 | |
Long-term operating lease liabilities, less current portion | 2,134 | 2,070 | |
Long-term finance lease liabilities, less current portion | 776 | 662 | |
Other long-term liabilities | 626 | 626 | |
Long-term liabilities related to discontinued operations | 802 | 252 | |
Total long-term liabilities | 12,066 | 13,505 | |
Total liabilities | 34,346 | 46,468 | |
Stockholders’ Equity: | |||
Preferred Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding | |||
Common Stock, $.001 par value; 30,000,000 shares authorized; 12,304,265 and 12,161,539 shares issued, respectively; 12,296,623 (1) and 12,153,897 shares outstanding, respectively | [1] | 12 | 12 |
Additional paid-in capital | 109,954 | 108,931 | |
Common Stock subscriptions | 4,387 | ||
Accumulated deficit | (71,153) | (74,455) | |
Accumulated other comprehensive loss | (189) | (207) | |
Less Common Stock in treasury, at cost; 7,642 shares | (88) | (88) | |
Total Perma-Fix Environmental Services, Inc. stockholders’ equity | 42,923 | 34,193 | |
Non-controlling interest | (1,865) | (1,742) | |
Total stockholders’ equity | 41,058 | 32,451 | |
Total liabilities and stockholders’ equity | $ 75,404 | $ 78,919 | |
[1] | See Note 15 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts | $ 60 | $ 404 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 30,000,000 | 30,000,000 | |
Common stock, shares issued | 12,304,265 | [1] | 12,161,539 |
Common stock, shares outstanding | 12,296,623 | [1] | 12,153,897 |
Treasury stock, shares | 7,642 | 7,642 | |
[1] | See Note 15 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Income Statement [Abstract] | ||||||
Net revenues | $ 15,797,000 | $ 30,172,000 | $ 55,075,000 | $ 77,079,000 | ||
Cost of goods sold | 13,573,000 | 25,422,000 | 49,529,000 | 64,379,000 | ||
Gross profit | 2,224,000 | 4,750,000 | 5,546,000 | 12,700,000 | ||
Selling, general and administrative expenses | 3,348,000 | 3,308,000 | 9,550,000 | 8,935,000 | ||
Research and development | 243,000 | 157,000 | 538,000 | 598,000 | ||
Loss on disposal of property and equipment | 1,000 | 1,000 | 27,000 | |||
(Loss) income from operations | (1,368,000) | 1,285,000 | (4,543,000) | 3,140,000 | ||
Other income (expense): | ||||||
Interest income | 2,000 | 28,000 | 23,000 | 112,000 | ||
Interest expense | (77,000) | (87,000) | (209,000) | (306,000) | ||
Interest expense-financing fees | (11,000) | (58,000) | (28,000) | (187,000) | ||
Other | (1,000) | 180,000 | 189,000 | |||
Gain (loss) on extinguishment of debt | 5,381,000 | (27,000) | ||||
(Loss) income from continuing operations before taxes | (1,455,000) | 1,348,000 | 624,000 | 2,921,000 | ||
Income tax benefit | (2,836,000) | [1] | (133,000) | (2,840,000) | [1] | (128,000) |
Income from continuing operations, net of taxes | 1,381,000 | 1,481,000 | 3,464,000 | 3,049,000 | ||
Loss from discontinued operations, net of taxes (Note 10) | (43,000) | (67,000) | (285,000) | (266,000) | ||
Net income | 1,338,000 | 1,414,000 | 3,179,000 | 2,783,000 | ||
Net loss attributable to non-controlling interest | (64,000) | (32,000) | (123,000) | (87,000) | ||
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 1,402,000 | $ 1,446,000 | $ 3,302,000 | $ 2,870,000 | ||
Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | ||||||
Continuing operations | $ 0.12 | $ 0.13 | $ 0.29 | $ 0.26 | ||
Discontinued operations | (0.01) | (0.01) | (0.02) | (0.02) | ||
Net income per common share | 0.11 | 0.12 | 0.27 | 0.24 | ||
Net income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - diluted: | ||||||
Continuing operations | 0.12 | 0.13 | 0.29 | 0.25 | ||
Discontinued operations | (0.01) | (0.01) | (0.02) | (0.02) | ||
Net income per common share | $ 0.11 | $ 0.12 | $ 0.27 | $ 0.23 | ||
Number of common shares used in computing net income (loss) per share: | ||||||
Basic | 12,198 | 12,145 | 12,181 | 12,134 | ||
Diluted | 12,406 | 12,371 | 12,416 | 12,337 | ||
[1] | Includes tax benefit recorded in amount of approximately $ 2,351,000 |
Condensed Statement of Comprehe
Condensed Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income | $ 1,338 | $ 1,414 | $ 3,179 | $ 2,783 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustment | (22) | 11 | 18 | (40) |
Comprehensive income | 1,316 | 1,425 | 3,197 | 2,743 |
Comprehensive loss attributable to non-controlling interest | (64) | (32) | (123) | (87) |
Comprehensive income attributable to Perma-Fix Environmental Services, Inc. stockholders | $ 1,380 | $ 1,457 | $ 3,320 | $ 2,830 |
Consolidated Statement of Stock
Consolidated Statement of Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Common stock held in treasury [Member] | Stock subscriptions [Member] | AOCI Attributable to Parent [Member] | Noncontrolling interest in subsidiary [Member] | Retained Earnings [Member] | Total | ||
Beginning balance, value at Dec. 31, 2019 | $ 12 | $ 108,457 | $ (88) | $ (211) | $ (1,619) | $ (77,315) | $ 29,236 | |||
Beginning balance, shares at Dec. 31, 2019 | 12,123,520 | |||||||||
Net Income (loss) | (26) | 1,220 | 1,194 | |||||||
Foreign currency translation | (79) | (79) | ||||||||
Issuance of Common Stock upon exercise of options | 6 | 6 | ||||||||
Issuance of Common Stock upon exercise of options, shares | 3,643 | |||||||||
Issuance of Common Stock for services | 48 | 48 | ||||||||
Issuance of Common Stock for services, shares | 5,128 | |||||||||
Stock-Based Compensation | 44 | 44 | ||||||||
Ending balance, value at Mar. 31, 2020 | $ 12 | 108,555 | (88) | (290) | (1,645) | (76,095) | 30,449 | |||
Ending balance, shares at Mar. 31, 2020 | 12,132,291 | |||||||||
Beginning balance, value at Dec. 31, 2019 | $ 12 | 108,457 | (88) | (211) | (1,619) | (77,315) | 29,236 | |||
Beginning balance, shares at Dec. 31, 2019 | 12,123,520 | |||||||||
Net Income (loss) | 2,783 | |||||||||
Foreign currency translation | (40) | |||||||||
Ending balance, value at Sep. 30, 2020 | $ 12 | 108,790 | (88) | (251) | (1,706) | (74,445) | 32,312 | |||
Ending balance, shares at Sep. 30, 2020 | 12,152,363 | |||||||||
Beginning balance, value at Mar. 31, 2020 | $ 12 | 108,555 | (88) | (290) | (1,645) | (76,095) | 30,449 | |||
Beginning balance, shares at Mar. 31, 2020 | 12,132,291 | |||||||||
Net Income (loss) | (29) | 204 | 175 | |||||||
Foreign currency translation | 28 | 28 | ||||||||
Issuance of Common Stock upon exercise of options | ||||||||||
Issuance of Common Stock upon exercise of options, shares | 241 | |||||||||
Issuance of Common Stock for services | 56 | 56 | ||||||||
Issuance of Common Stock for services, shares | 10,239 | |||||||||
Stock-Based Compensation | 48 | 48 | ||||||||
Ending balance, value at Jun. 30, 2020 | $ 12 | 108,659 | (88) | (262) | (1,674) | (75,891) | 30,756 | |||
Ending balance, shares at Jun. 30, 2020 | 12,142,771 | |||||||||
Net Income (loss) | (32) | 1,446 | 1,414 | |||||||
Foreign currency translation | 11 | 11 | ||||||||
Issuance of Common Stock for services | 62 | 62 | ||||||||
Issuance of Common Stock for services, shares | 9,592 | |||||||||
Stock-Based Compensation | 69 | 69 | ||||||||
Ending balance, value at Sep. 30, 2020 | $ 12 | 108,790 | (88) | (251) | (1,706) | (74,445) | 32,312 | |||
Ending balance, shares at Sep. 30, 2020 | 12,152,363 | |||||||||
Beginning balance, value at Dec. 31, 2020 | $ 12 | 108,931 | (88) | (207) | (1,742) | (74,455) | 32,451 | |||
Beginning balance, shares at Dec. 31, 2020 | 12,161,539 | |||||||||
Net Income (loss) | (30) | (1,123) | (1,153) | |||||||
Foreign currency translation | 20 | 20 | ||||||||
Issuance of Common Stock for services | 79 | 79 | ||||||||
Issuance of Common Stock for services, shares | 11,837 | |||||||||
Stock-Based Compensation | 45 | 45 | ||||||||
Ending balance, value at Mar. 31, 2021 | $ 12 | 109,055 | (88) | (187) | (1,772) | (75,578) | 31,442 | |||
Ending balance, shares at Mar. 31, 2021 | 12,173,376 | |||||||||
Beginning balance, value at Dec. 31, 2020 | $ 12 | 108,931 | (88) | (207) | (1,742) | (74,455) | 32,451 | |||
Beginning balance, shares at Dec. 31, 2020 | 12,161,539 | |||||||||
Net Income (loss) | 3,179 | |||||||||
Foreign currency translation | 18 | |||||||||
Ending balance, value at Sep. 30, 2021 | $ 12 | 109,954 | (88) | 4,387 | (189) | (1,865) | (71,153) | 41,058 | ||
Ending balance, shares at Sep. 30, 2021 | 12,304,265 | |||||||||
Beginning balance, value at Mar. 31, 2021 | $ 12 | 109,055 | (88) | (187) | (1,772) | (75,578) | 31,442 | |||
Beginning balance, shares at Mar. 31, 2021 | 12,173,376 | |||||||||
Net Income (loss) | (29) | 3,023 | 2,994 | |||||||
Foreign currency translation | 20 | 20 | ||||||||
Issuance of Common Stock upon exercise of options | ||||||||||
Issuance of Common Stock upon exercise of options, shares | 290 | |||||||||
Issuance of Common Stock for services | 109 | 109 | ||||||||
Issuance of Common Stock for services, shares | 14,590 | |||||||||
Stock-Based Compensation | 42 | 42 | ||||||||
Ending balance, value at Jun. 30, 2021 | $ 12 | 109,206 | (88) | (167) | (1,801) | (72,555) | 34,607 | |||
Ending balance, shares at Jun. 30, 2021 | 12,188,256 | |||||||||
Net Income (loss) | (64) | 1,402 | 1,338 | |||||||
Foreign currency translation | (22) | (22) | ||||||||
Issuance of Common Stock for services | 116 | 116 | ||||||||
Issuance of Common Stock for services, shares | 16,009 | |||||||||
Sale of Common Stock (Note 15) | 570 | [1] | 570 | |||||||
Sale of Common Stock, shares (Note 15) | 100,000 | |||||||||
Stock Subscriptions (Note 15) | 4,387 | [2] | 4,387 | |||||||
Stock-Based Compensation | 62 | 62 | ||||||||
Ending balance, value at Sep. 30, 2021 | $ 12 | $ 109,954 | $ (88) | $ 4,387 | $ (189) | $ (1,865) | $ (71,153) | $ 41,058 | ||
Ending balance, shares at Sep. 30, 2021 | 12,304,265 | |||||||||
[1] | Net of Offering costs incurred of approximately $ 50 | |||||||||
[2] | Net of stock subscription receivables of $ 744 449 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholder's Equity (Unaudited) (Parenthetical) $ in Thousands | Sep. 30, 2021USD ($) |
Common Stock [Member] | |
Offering costs | $ 50 |
Stock subscriptions [Member] | |
Offering costs | 449 |
Stock subscription receivables | $ 744 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | |||
Cash flows from operating activities: | ||||
Net income | $ 3,179,000 | $ 2,783,000 | ||
Less: loss from discontinued operations, net of taxes (Note 10) | (285,000) | (266,000) | ||
Income from continuing operations, net of taxes | 3,464,000 | 3,049,000 | ||
Adjustments to reconcile income from continuing operations to cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 1,208,000 | 1,189,000 | ||
Interest on finance lease with purchase option | 7,000 | 6,000 | ||
(Gain) loss on extinguishment of debt | (5,381,000) | 27,000 | ||
Amortization of debt issuance/debt discount costs | 28,000 | 187,000 | ||
Deferred tax benefit | (2,931,000) | (2,000) | ||
Provision for (recovery of) bad debt reserves | 1,000 | (94,000) | ||
Loss on disposal of property and equipment | 1,000 | 27,000 | ||
Issuance of common stock for services | 304,000 | 166,000 | ||
Stock-based compensation | 149,000 | 161,000 | ||
Changes in operating assets and liabilities of continuing operations | ||||
Accounts receivable | (2,158,000) | (170,000) | ||
Unbilled receivables | 8,757,000 | (6,382,000) | ||
Prepaid expenses, inventories and other assets | 1,700,000 | 1,284,000 | ||
Accounts payable, accrued expenses and unearned revenue | (9,180,000) | 4,055,000 | ||
Cash (used in) provided by continuing operations | (4,031,000) | 3,503,000 | ||
Cash used in discontinued operations | (296,000) | (329,000) | ||
Cash (used in) provided by operating activities | (4,327,000) | 3,174,000 | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (1,132,000) | [1] | (1,488,000) | [2] |
Proceeds from sale of property and equipment | 1,000 | 4,000 | ||
Cash used in investing activities of continuing operations | (1,131,000) | (1,484,000) | ||
Cash provided by investing activities of discontinued operations | 118,000 | |||
Cash used in investing activities | (1,131,000) | (1,366,000) | ||
Cash flows from financing activities: | ||||
Repayments of revolving credit borrowings | (59,900,000) | (72,601,000) | ||
Borrowing on revolving credit | 59,900,000 | 72,280,000 | ||
Proceeds from issuance of long-term debt | 5,666,000 | |||
Principal repayments of finance lease liabilities | (281,000) | (411,000) | ||
Principal repayments of long term debt | (330,000) | (2,127,000) | ||
Payment of debt issuance costs | (40,000) | (85,000) | ||
Proceeds from sale of Common Stock, net of Offering costs paid (Note 15) | 618,000 | |||
Proceeds from stock subscription, net of Offering costs paid (Note 15) | 4,816,000 | |||
Proceeds from issuance of common stock upon exercise of options | 6,000 | |||
Cash provided by financing activities of continuing operations | 4,783,000 | 2,728,000 | ||
Effect of exchange rate changes on cash | (4,000) | (4,000) | ||
(Decrease) increase in cash and finite risk sinking fund (restricted cash) | (679,000) | 4,532,000 | ||
Cash and finite risk sinking fund (restricted cash) at beginning of period | 19,370,000 | 11,697,000 | ||
Cash and finite risk sinking fund (restricted cash) at end of period | 18,691,000 | 16,229,000 | ||
Supplemental disclosure: | ||||
Interest paid | 163,000 | 286,000 | ||
Income taxes paid | 15,000 | 34,000 | ||
Equipment purchase subject to finance lease | 319,000 | 856,000 | ||
Equipment purchase subject to financing | $ 29,000 | $ 27,000 | ||
[1] | Net of financed amount of $ 271,000 348,000 | |||
[2] | Net of financed amount of $ 751,000 883,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements included herein have been prepared by the Company (which may be referred to as we, us or our), without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“the Commission”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading. Further, the consolidated financial statements reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the nine months ended September 30, 2021 are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2021. The Company suggests that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries, and our majority-owned Polish subsidiary, Perma-Fix Medical. Additionally, the Company’s financial statements include the account of a variable interest entity (“VIE”), Perma-Fix ERRG for which we are the primary beneficiary (See “Note 13 - Variable Interest Entity” for a discussion of this VIE). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Our accounting policies are set forth in the notes to the December 31, 2020 consolidated financial statements referred to above. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2019-12 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This guidance addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In October 2020, the FASB issued ASU No 2020-10, “Codification Improvements.” ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements or disclosures. Recently Issued Accounting Standards – Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments,” and various subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables and loans. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. In November 2019, FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies (“SRC”) as defined by the Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These ASUs are effective January 1, 2023 for the Company as an SRC. Under new guidance issued by the Commission in March 2020, the Company will continue to qualify as a smaller reporting company but will also be an accelerated filer for all filings with the Commission after January 1, 2022. The Company is currently evaluating the impact of these ASU on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives scope exception for contracts in an entity’s own equity, and simplifies the related diluted net income per share calculation for both Subtopics. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, for the Company as an SRC. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 206), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force).” ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This ASU is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its financial statements. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue Disaggregation of Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments: Schedule of Disaggregation of Revenue Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 8,893 $ 3,031 $ 11,924 $ 7,066 $ 2,372 $ 9,438 Time and materials — 3,873 3,873 — 20,734 20,734 Total $ 8,893 $ 6,904 $ 15,797 $ 7,066 $ 23,106 $ 30,172 Revenue by Contract Type (In thousands) Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 24,094 $ 7,094 $ 31,188 $ 24,469 $ 6,093 $ 30,562 Time and materials — 23,887 23,887 — 46,517 46,517 Total $ 24,094 $ 30,981 $ 55,075 $ 24,469 $ 52,610 $ 77,079 Revenue by generator (In thousands) Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 6,725 $ 4,552 $ 11,277 $ 5,334 $ 21,660 $ 26,994 Domestic commercial 1,956 399 2,355 1,598 459 2,057 Foreign government 36 1,931 1,967 134 966 1,100 Foreign commercial 176 22 198 — 21 21 Total $ 8,893 $ 6,904 $ 15,797 $ 7,066 $ 23,106 $ 30,172 Revenue by generator (In thousands) Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 16,962 $ 24,172 $ 41,134 $ 19,079 $ 48,249 $ 67,328 Domestic commercial 6,284 1,185 7,469 5,256 1,352 6,608 Foreign government 577 5,556 6,133 134 2,945 3,079 Foreign commercial 271 68 339 — 64 64 Total $ 24,094 $ 30,981 $ 55,075 $ 24,469 $ 52,610 $ 77,079 Contract Balances The timing of revenue recognition, billings, and cash collections results in accounts receivable and unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represents advance payment from customers in advance of the completion of our performance obligation. The following table represents changes in our contract assets and contract liabilities balances: Schedule of Contract Assets and Liabilities Year-to-date Year-to-date (In thousands) September 30, 2021 December 31, 2020 Change ($) Change (%) Contract assets Account receivables, net of allowance $ 11,816 $ 9,659 $ 2,157 22.3 % Unbilled receivables - current 5,696 14,453 (8,757 ) (60.6 )% Contract liabilities Deferred revenue $ 3,435 $ 4,614 $ (1,179 ) (25.6 )% The decrease in unbilled receivables was primarily within our Services Segment due to invoicing and collection of accounts receivable on certain large projects which have been completed or are near completion. During the three and nine months ended September 30, 2021, the Company recognized revenue of $ 561,000 6,635,000 1,134,000 7,673,000 Variable Consideration The Company’s contracts generally do not give rise to variable consideration. However, during the three and nine months ended September 30, 2021, the Company recognized approximately $ 1,286,000 Remaining Performance Obligations The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Within our Services Segment, there are service contracts which provide that the Company has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. For those contracts, the Company has utilized the practical expedient in ASC 606-10-55-18, which allows the Company to recognize revenue in the amount for which we have the right to invoice; accordingly, the Company does not disclose the value of remaining performance obligations for those contracts. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
Leases | 4. Leases At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on facts and circumstances present in that arrangement. Lease classifications, recognition, and measurement are then determined at the lease commencement date. The Company’s operating lease right-of-use (“ROU”) assets and operating lease liabilities represent primarily leases for office and building spaces used to conduct our business. Finance leases consist primarily of processing and transport equipment used by our facilities’ operations. The Company’s finance leases also included a building with land utilized for our waste treatment operations which included a purchase option. During the third quarter of 2021, the Company concluded that it was more likely than not that it would not exercise this purchase option but will continue to lease the property. Accordingly, a reassessment of this lease was performed which resulted in reclassification of this lease to an operating lease. The components of lease cost for the Company’s leases for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands): Schedule of Components of Lease Cost Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Operating Leases: Lease cost $ 115 $ 114 $ 341 $ 342 Finance Leases: Amortization of ROU assets 53 109 170 161 Interest on lease liability 50 47 85 97 Finance Leases 103 156 255 258 Short-term lease rent expense 4 3 10 7 Total lease cost $ 222 $ 273 $ 606 $ 607 The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at September 30, 2021 were: Schedule of Weighted Average Lease Operating Leases Finance Leases Weighted average remaining lease terms (years) 7.1 2.6 Weighted average discount rate 7.6 % 4.6 % The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2021 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Schedule of Operating and Finance Lease Liability Maturity Operating Leases Finance Leases 2021 (Remaining) $ 132 $ 64 2022 576 271 2023 560 150 2024 420 146 2025 327 146 2025 and thereafter 1,260 341 Total undiscounted lease payments 3,275 1,118 Less: Imputed interest (754 ) (85 ) Present value of lease payments $ 2,521 $ 1,033 Current portion of operating lease obligations $ 387 $ — Long-term operating lease obligations, less current portion $ 2,134 $ — Current portion of finance lease obligations $ — $ 257 Long-term finance lease obligations, less current portion $ — $ 776 Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2021 and 2020 (in thousands): Schedule of Supplemental Cash Flow and Other Information Related to Leases Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 103 $ 111 $ 307 $ 331 Operating cash flow used in finance leases $ 50 $ 47 $ 85 $ 97 Financing cash flow used in finance leases $ 76 $ 182 $ 281 $ 411 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 323 $ 751 $ 323 $ 874 Operating liabilities $ 184 — $ 350 $ — Reduction to ROU assets resulting from reassessment for: Finance liabilities $ (364 ) $ — $ (364 ) $ — |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The following table summarizes information relating to the Company’s definite-lived intangible assets: Schedule of Finite-Lived Intangible Assets September 30, 2021 December 31, 2020 Weighted Average Gross Net Gross Net Amortization Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Other Intangibles (amount in thousands) Patent 12.5 $ 784 $ (348 ) $ 436 $ 742 $ (334 ) $ 408 Software 3 588 (415 ) 173 418 (411 ) 7 Customer relationships 10 3,370 (3,044 ) 326 3,370 (2,910 ) 460 Total $ 4,742 $ (3,807 ) $ 935 $ 4,530 $ (3,655 ) $ 875 The intangible assets noted above are amortized on a straight-line basis over their useful lives with the exception of customer relationships which are being amortized using an accelerated method. The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Year (In thousands) 2021 (remaining) $ 59 2022 227 2023 187 2024 57 2025 14 Amortization expense relating to the definite-lived intangible assets as discussed above was $ 51,000 152,000 58,000 167,000 |
Capital Stock, Stock Plans and
Capital Stock, Stock Plans and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Capital Stock, Stock Plans and Stock-Based Compensation | 6. Capital Stock, Stock Plans and Stock-Based Compensation The Company has certain stock option plans under which it may awards incentive stock options (“ISOs”) and/or non-qualified stock options (“NQSOs”) to employees, officers, outside directors, and outside consultants. On July 20, 2021, the Company issued a NQSO to each of the Company’s seven reelected outside directors for the purchase, under the Company’s 2003 Outside Directors Stock Plan (the “2003 Plan”), of up to 10,000 0.001 ten years one-fourth vesting annually over a four-year period 5.93 On May 4, 2021, the Company issued a NQSO to a new director elected by the Company’s Board, for the purchase, under the Company’s 2003 Plan, of up to 6,000 ten years six months 7.50 The Company granted a NQSO to Robert Ferguson on July 27, 2017 from the Company’s 2017 Stock Option Plan (“2017 Plan”) for the purchase of up to 100,000 3.65 10,000 30,000 60,000 262,000 90,000 The Company estimates fair value of stock options using the Black-Scholes valuation model. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the option’s expected term, and the expected annual dividend yield. The fair value of the options granted as discussed above and the related assumptions used in the Black-Scholes option model used to value the options granted for the nine months ended September 30, 2021 were as follows: Schedule of Stock Options Valuation Assumptions Outside Director Stock Option Granted Nine Months Ended September 30, 2021 Weighted-average fair value per share $ 3.90 Risk -free interest rate (1) 1.23 1.61 % Expected volatility of stock (2) 55.84 55.91 Dividend yield None Expected option life (3) 10.0 (1) The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option. (2) The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option. (3) The expected option life is based on historical exercises and post-vesting data. The following table summarizes stock-based compensation recognized for the three and nine months ended September 30, 2021 and 2020 for our employee and director stock options. Schedule of Share-based Compensation, Allocation of Recognized Period Costs 2021 2020 2021 2020 Three Months Ended Nine Months Ended Stock Options September 30, September 30, 2021 2020 2021 2020 Employee Stock Options $ 34,000 $ 34,000 $ 100,000 $ 99,000 Director Stock Options 28,000 35,000 49,000 62,000 Total $ 62,000 $ 69,000 $ 149,000 $ 161,000 Stock-Based Compensation $ 62,000 $ 69,000 $ 149,000 $ 161,000 At September 30, 2021, the Company has approximately $ 420,000 2.9 The summary of the Company’s total stock option plans as of September 30, 2021 and September 30, 2020, and changes during the periods then ended, are presented below. The Company’s plans consist of the 2010 Stock Option Plan, the 2017 Plan and the 2003 Plan: Schedule of Stock Options Roll Forward Shares Weighted Average Exercise Weighted Average Remaining Contractual Term Aggregate Intrinsic (4) Options outstanding January 1, 2021 658,400 $ 3.87 Granted 76,000 $ 6.05 Exercised (500 ) $ 3.15 $ 2,175 Forfeited/expired (19,500 ) $ 6.75 Options outstanding end of period (1) 714,400 $ 4.02 3.6 $ 1,888,695 Options exercisable at September 30, 2021 (2) 416,400 $ 3.91 2.9 $ 1,146,320 Shares Weighted Average Exercise Weighted Average Remaining Contractual Term Aggregate Intrinsic (4) Options outstanding January 1, 2020 681,300 $ 3.84 Granted 24,000 $ 6.92 Exercised (12,500 ) $ 3.47 $ 16,060 Forfeited/expired (34,400 ) $ 5.52 Options outstanding end of period (2) 658,400 $ 3.87 3.7 $ 2,096,355 Options exercisable at September 30, 2020 (3) 340,400 $ 4.01 3.6 $ 1,036,255 (1) Options with exercise prices ranging from $ 2.79 7.50 (2) Options with exercise prices ranging from $ 2.79 7.29 (3) Options with exercise prices ranging from $ 2.79 7.05 (4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. During the nine months ended September 30, 2021, the Company issued a total of 42,436 343,000 During the nine months ended September 30, 2021, the Company issued 290 500 3.15 See “Note 15 – Common Stock Subscription Agreements” for a discussion on the sale of 1,000,000 |
Income Per Share
Income Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Income Per Share | 7. Income Per Share Basic income per share is calculated based on the weighted-average number of outstanding common shares during the applicable period. Diluted income per share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. The following table reconciles the income and average share amounts used to compute both basic and diluted income per share: Schedule of Earnings Per Share, Basic and Diluted (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, (Unaudited) (Unaudited) (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 2021 2020 Net income attributable to Perma-Fix Environmental Services, Inc., common stockholders: Income from continuing operations, net of taxes $ 1,381 1,481 3,464 3,049 Net loss attributable to non-controlling interest (64 ) (32 ) (123 ) (87 ) Income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 1,445 $ 1,513 $ 3,587 $ 3,136 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (43 ) (67 ) (285 ) (266 ) Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 1,402 $ 1,446 $ 3,302 $ 2,870 Basic income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .11 $ .12 $ .27 $ .24 Diluted income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .11 $ .12 $ .27 $ .23 Weighted average shares outstanding: Basic weighted average shares outstanding 12,198 12,145 12,181 12,134 Add: dilutive effect of stock options 183 201 206 181 Add: dilutive effect of warrant 25 25 29 22 Diluted weighted average shares outstanding 12,406 12,371 12,416 12,337 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options 30 30 30 42 Warrant — — — — Stock Options and Warrants As disclosed in “Note 15 – Common Stock Subscription Agreement,” the Company entered into subscription agreements for the sale of an aggregate of 1,000,000 900,000 |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 8. Long Term Debt Long-term debt consists of the following: Schedule of Long term Debt (Amounts in Thousands) September 30, 2021 December 31, 2020 Total debt 1,098 6,729 Revolving Credit receivable, subject to monthly borrowing base calculation, balance due on May 15, 2024 5.3 (1) $ — $ — Term Loan due on May 15, 2024 4.4 (1) 1,056 (2) 1,388 (2) Promissory Note annual rate of 1.0 (3) — (4) 5,318 (4) Notes Payable to 2023 and 2025, annual interest rate of 5.6 9.1 42 23 Total debt 1,098 6,729 Less current portion of long-term debt 396 3,595 Long-term debt $ 702 $ 3,134 (1) Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. (2) Net of debt issuance costs of ($ 117,000 105,000 (3) Uncollateralized note. (4) Entered into with the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021). Revolving Credit and Term Loan Agreement The Company entered into a Second Amended and Restated Revolving Credit, Term Loan and Security Agreement, dated May 8, 2020 (“Loan Agreement”), with PNC National Association (“PNC”), acting as agent and lender. The Loan Agreement provides the Company with the following credit facility with a maturity date of March 15, 2024: (a) up to $ 18,000,000 1,742,000 35,547 On May 4, 2021, the Company entered into an amendment to the Loan Agreement with its lender which provided the following, among other things: ● revised the Company’s fixed charge coverage ratio (“FCCR”) calculation requirement which allows for the add-back of approximately $ 5,318,000 ● a capital expenditure line of up to $ 1,000,000 In connection with the amendment, the Company paid its lender a fee of $ 15,000 On August 10, 2021, the Company entered into another amendment to the Loan Agreement with its lender which provided, among other things, the following: ● waived the Company’s failure to meet the minimum quarterly FCCR requirement for the second quarter of 2021; ● removes the quarterly FCCR testing requirement for the third quarter of 2021; ● reinstates the quarterly FCCR testing requirement starting for the fourth quarter of 2021 and revises the methodology to be used in calculating the FCCR for the quarters ending December 31, 2021, March 31, 2022, and June 30, 2022 (with no change to the minimum 1.15:1 ratio requirement for each quarter) ● requires maintenance of a minimum of $ 3,000,000 In connection with the amendment, the Company paid its lender a fee of $ 15,000 Pursuant to the Loan Agreement, as amended, payment of annual rate of interest due on the revolving credit is at prime ( 3.25 2 3.00 2.50 3.50 0.75 The Company may terminate its Loan Agreement, as amended upon 90 days’ prior written notice upon payment in full of our obligations under the Loan Agreement. The Company agreed to pay PNC 1.0 0.5 At September 30, 2021, the borrowing availability under the Company’s revolving credit was approximately $ 10,804,000 3,020,000 The Company’s credit facility under its Loan Agreement, as amended, with PNC contains certain financial covenants, along with customary representations and warranties. A breach of any of these financial covenants, unless waived by PNC, could result in a default under the credit facility allowing our lender to immediately require the repayment of all outstanding debt under our credit facility and terminate all commitments to extend further credit. The Company met its financial covenant requirements in the first quarter of 2021. The Company’s FCCR calculation in the first quarter of 2021 included the add-back of approximately $ 5,318,000 PPP Loan On April 14, 2020, the Company entered into a promissory note under the PPP with PNC, our credit facility lender, which had a balance of approximately $ 5,318,000 1.0 On October 5, 2020, the Company applied for forgiveness on repayment of the PPP Loan as permitted under the Flexibility Act. On July 1, 2021, the Company was notified by PNC that the entire balance of the PPP Loan of approximately $ 5,318,000 63,000 5,381,000 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Hazardous Waste In connection with our waste management services, the Company processes both hazardous and non-hazardous waste, which we transport to our own, or other, facilities for destruction or disposal. As a result of disposing of hazardous substances, in the event any cleanup is required at the disposal site, the Company could be a potentially responsible party for the costs of the cleanup notwithstanding any absence of fault on our part. Legal Matters In the normal course of conducting our business, we are involved in various litigation. We are not a party to any litigation or governmental proceeding which our management believes could result in any judgments or fines against us that could would have a material adverse effect on our financial position, liquidity or results of future operations. During July 2020, Tetra Tech EC, Inc. (“Tetra Tech”) filed a complaint in the United States District Court for the Northern District of California (the “Court”) against CH2M Hill, Inc. (“CH2M”) and four subcontractors of CH2M, including the Company (“Defendants”). The complaint alleges claims for negligence, negligent misrepresentation and equitable indemnification against all defendants related to alleged damages suffered by Tetra Tech in respect of certain draft reports prepared by defendants at the request of the U.S. Navy as part of an investigation and review of certain whistleblower complaints about Tetra Tech’s environmental restoration at the Hunter’s Point Naval Shipyard in San Francisco. CH2M was hired by the Navy in 2016 to review Tetra Tech’s work. CH2M subcontracted with environmental consulting and cleanup firms Battelle Memorial Institute, Cabrera Services, Inc., SC&A, Inc. and the Company to assist with the review, according to the complaint. The complaint alleges that the subject draft reports were prepared negligently and in a biased manner, made public, and caused damage to Tetra Tech’s reputation; triggering related lawsuits and costing it opportunities for both government and commercial contracts. The Company has provided notice of this lawsuit to our insurance carrier. Our insurance carrier is providing a defense on our behalf in connection with this lawsuit, subject to a $ 100,000 On January 7, 2021, Defendants’ motion to dismiss the complaint in its entirety was granted without prejudice, with leave to amend. Tetra Tech subsequently filed a First Amended Complaint (“FAC”) and Defendants filed a motion to dismiss Tetra Tech’s FAC. Tetra Tech filed an opposition to Defendant’s motion to dismiss Tetra Tech’s FAC. Defendants, subsequently filed a joint reply to Tetra Tech’s motion in opposition. A decision and Order on Defendants’ motion to dismiss is pending from the Court while discovery is allowed to proceed. At this time, the Company continues to believe it does not have any liability to Tetra Tech. Insurance The Company has a 25 28,177,000 19,898,000 11,469 11,446 1,998,000 1,975,000 2,000 23,000 28,000 111,000 100 Letter of Credits and Bonding Requirements From time to time, the Company is required to post standby letters of credit and various bonds to support contractual obligations to customers and other obligations, including facility closures. At September 30, 2021, the total amount of standby letters of credit outstanding was approximately $ 3,020,000 50,092,000 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 10. Discontinued Operations The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment which encompasses subsidiaries divested in 2011 and prior and three previously closed locations. The Company’s discontinued operations had net losses of $ 43,000 and $ 67,000 for the three months ended September 30, 2021 and 2020, respectively (net of tax benefit of $ 98,000 and tax expense of $ 0 for the three month ended September 30, 2021 and 2020, respectively) and net losses of $ 285,000 and $ 266,000 for the nine months ended September 30, 2021 and 2020, respectively, (net of tax benefit of $ 98,000 and tax expense of $ 0 for the nine month ended September 30, 2021 and 2020, respectively). The losses (excluding the tax benefits) were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for any of the periods noted above. The following table presents the major class of assets of discontinued operations at September 30, 2021 and December 31, 2020. No assets and liabilities were held for sale at each of the periods noted. Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet September 30, December 31, (Amounts in Thousands) 2021 2020 Current assets Other assets $ 18 $ 22 Total current assets 18 22 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets — — Total long-term assets 81 81 Total assets $ 99 $ 103 Current liabilities Accounts payable $ 3 $ 4 Accrued expenses and other liabilities 207 150 Environmental liabilities 122 744 Total current liabilities 332 898 Long-term liabilities Closure liabilities 148 142 Environmental liabilities 654 110 Total long-term liabilities 802 252 Total liabilities $ 1,134 $ 1,150 (1) net of accumulated depreciation of $ 10,000 |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | 11. Operating Segments Our reporting segments are defined as below: TREATMENT SEGMENT, which includes: - nuclear, low-level radioactive, mixed waste (containing both hazardous and low-level radioactive constituents), hazardous and non-hazardous waste treatment, processing and disposal services primarily through four uniquely licensed and permitted treatment and storage facilities; and - Research & Development (“R&D”) activities to identify, develop and implement innovative waste processing techniques for problematic waste streams. SERVICES SEGMENT, which includes: - Technical services, which include: ○ professional radiological measurement and site survey of large government and commercial installations using advanced methods, technology and engineering; ○ health physics services including health physicists, radiological engineers, nuclear engineers and health physics technicians support to government and private radioactive materials licensees; ○ integrated Occupational Safety and Health services including industrial hygiene (“IH”) assessments; hazardous materials surveys, e.g., exposure monitoring; lead and asbestos management/abatement oversight; indoor air quality evaluations; health risk and exposure assessments; health & safety plan/program development, compliance auditing and training services; and Occupational Safety and Health Administration (“OSHA”) citation assistance; ○ global technical services providing consulting, engineering (civil, nuclear, mechanical, chemical, radiological and environmental), project management, waste management, environmental, and decontamination and decommissioning field, technical, and management personnel and services to commercial and government customers; and ○ waste management services to commercial and governmental customers. - Nuclear services, which include: ○ decontamination and decommissioning (“D&D”) of government and commercial facilities impacted with radioactive material and hazardous constituents including engineering, technology applications, specialty services, logistics, transportation, processing and disposal; ○ license termination support of radioactive material licensed and federal facilities over the entire cycle of the termination process: project management, planning, characterization, waste stream identification and delineation, remediation/demo, final status survey, compliance demonstration, reporting, transportation, disposal and emergency response. - A company owned equipment calibration and maintenance laboratory that services, maintains, calibrates, and sources (i.e., rental) health physics, IH and customized nuclear, environmental, and occupational safety and health (“NEOSH”) instrumentation. - A company owned gamma spectroscopy laboratory for the analysis of oil and gas industry solids and liquids. MEDICAL SEGMENT, which is currently involved on a limited basis in the R&D of the Company’s medical isotope production technology, has not generated any revenue and has substantially reduced its R&D costs and activities due to the need for capital to fund these activities. The Company anticipates that the Medical Segment will not resume full R&D activities until the necessary capital is obtained through its own credit facility or additional equity raise, or obtains partners willing to provide funding for its R&D. Our reporting segments exclude our corporate headquarters and our discontinued operations (see “Note 10 – Discontinued Operations”) which do not generate revenues. The table below presents certain financial information of our operating segments for the three and nine months ended September 30, 2021 and 2020 (in thousands). Schedule of Segment Reporting Information Segment Reporting for the Quarter Ended September 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 8,893 $ 6,904 — $ 15,797 $ — $ 15,797 Intercompany revenues 220 5 — 225 — — Gross profit (negative gross profit) 2,487 (263 ) — 2,224 — 2,224 Research and development 52 18 162 232 11 243 Interest income — — — — 2 2 Interest expense (51 ) (1 ) — (52 ) (25 ) (77 ) Interest expense-financing fees — — — — (11 ) (11 ) Depreciation and amortization 319 85 — 404 5 409 Segment income (loss) before income taxes 1,317 (984 ) (162 ) 171 (1,626 ) (1,455 ) Income tax expense (benefit) 1 — — 1 (2,837 ) (2,836 ) (5) Segment income (loss) 1,316 (984 ) (162 ) 170 1,211 1,381 Expenditures for segment assets 482 — — 482 — 482 (2) Segment Reporting for the Quarter Ended September 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,066 $ 23,106 — $ 30,172 $ — $ 30,172 Intercompany revenues 226 6 — 232 — — Gross profit 1,094 3,656 — 4,750 — 4,750 Research and development 49 7 81 137 20 157 Interest income — — — — 28 28 Interest expense (34 ) (3 ) — (37 ) (50 ) (87 ) Interest expense-financing fees — — — — (58 ) (58 ) Depreciation and amortization 373 97 — 470 8 478 Segment income (loss) before income taxes 280 2,813 (81 ) 3,012 (1,664 ) 1,348 Income tax (benefit) expense (170 ) 2 — (168 ) 35 (133 ) Segment income (loss) 450 2,811 (81 ) 3,180 (1,699 ) 1,481 Expenditures for segment assets 95 24 — 119 3 122 (3) Segment Reporting for the Nine Months Ended September 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 24,094 $ 30,981 — $ 55,075 $ — $ 55,075 Intercompany revenues 1,199 44 — 1,243 — — Gross profit 4,845 701 — 5,546 — 5,546 Research and development 142 50 311 503 35 538 Interest income — — — — 23 23 Interest expense (88 ) (9 ) — (97 ) (112 ) (209 ) Interest expense-financing fees — — — — (28 ) (28 ) Depreciation and amortization 939 255 — 1,194 14 1,208 Segment income (loss) before income taxes 1,669 (1,721 ) (311 ) (363 ) 987 (4) 624 Income tax (benefit) expense (13 ) 10 — (3 ) (2,837 ) (2,840 ) (5) Segment income (loss) 1,682 (1,731 ) (311 ) (360 ) 3,824 3,464 Expenditures for segment assets 1,109 14 — 1,123 9 1,132 (2) Segment Reporting for the Nine Months Ended September 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 24,469 $ 52,610 — $ 77,079 $ — $ 77,079 Intercompany revenues 879 19 — 898 — — Gross profit 5,533 7,167 — 12,700 — 12,700 Research and development 194 119 221 534 64 598 Interest income 1 — — 1 111 112 Interest expense (80 ) (13 ) — (93 ) (213 ) (306 ) Interest expense-financing fees — — — — (187 ) (187 ) Depreciation and amortization 912 259 — 1,171 18 1,189 Segment income (loss) before income taxes 2,577 5,162 (221 ) 7,518 (4,597 ) 2,921 Income tax (benefit) expense (165 ) 2 — (163 ) 35 (128 ) Segment income (loss) 2,742 5,160 (221 ) 7,681 (4,632 ) 3,049 Expenditures for segment assets 1,095 385 — 1,480 8 1,488 (3) (1) Amounts reflect the activity for corporate headquarters not included in the segment information. (2) Net of financed amount of $ 271,000 348,000 (3) Net of financed amount of $ 751,000 883,000 (4) Amounts includes approximately $ 5,381,000 (5) Includes tax benefit recorded in amount of approximately $ 2,351,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company regularly assesses the likelihood that the deferred tax asset will be recovered from future taxable income. The Company considers projected future taxable income and ongoing tax planning strategies, then records a valuation allowance to reduce the carrying value of the net deferred income taxes to an amount that is more likely than not to be realized. For the year ended December 31, 2020, the Company maintained a full valuation allowance against net deferred income tax assets because insufficient evidence existed to support the realization of any future income tax benefits. As of September 30, 2021, however, the Company has reassessed this conclusion. Based upon the Company’s assessment of all available evidence, including a number of new contracts awarded to the Company’s Services Segment since the latter part of the second quarter of 2021 (including a contract award with a value of approximately $ 40,000,000 2,351,000 The Company had income tax benefits of $ 2,836,000 133,000 2,840,000 128,000 194.9 9.9 455.1 4.4 |
Variable Interest Entities (_VI
Variable Interest Entities (“VIE”) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities (“VIE”) | 13. Variable Interest Entities (“VIE”) The Company and Engineering/Remediation Resources Group, Inc. (“ERRG”) previously entered into an unpopulated joint venture agreement for project work bids within the Company’s Services Segment with the joint venture doing business as Perma-Fix ERRG, a general partnership. The Company has a 51 49 The Company determines whether joint ventures in which it has invested meet the criteria of a VIE at the start of each new venture and when a reconsideration event has occurred. A VIE is a legal entity that satisfies any of the following characteristics: (a) the legal entity does not have sufficient equity investment at risk; (b) the equity investors at risk as a group, lack the characteristics of a controlling financial interest; or (c) the legal entity is structured with disproportionate voting rights. The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s evaluation of Perma-Fix ERRG and related agreements with Perma-Fix ERRG, the Company determined that Perma-Fix ERRG continues to be a VIE in which the Company is the primary beneficiary. At September 30, 2021, Perma-Fix ERRG had total assets of $ 2,535 2,535 |
Deferral of Employment Tax Depo
Deferral of Employment Tax Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Deferral Of Employment Tax Deposits | |
Deferral of Employment Tax Deposits | 14. Deferral of Employment Tax Deposits The Flexibility Act provides employers the option to defer the payment of an employer’s share of social security taxes beginning on March 27, 2020 through December 31, 2020 with 50 50 1,252,000 626 |
Common Stock Subscription Agree
Common Stock Subscription Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock Subscription Agreements | 15. Common Stock Subscription Agreements On September 30, 2021, the Company entered into subscription agreements (the “Subscription Agreements”) with certain institutional and retail investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue, in a registered direct offering (the “Offering”), an aggregate of 1,000,000 6.20 6,200,000 5,456,000 744,000 100,000 1,000,000 900,000 900,000 900,000 The Shares were offered and sold by the Company through a prospectus supplement pursuant to the Company’s “shelf” registration statement on Form S-3, which was previously filed with the Commission on May 13, 2019 and subsequently declared effective on May 22, 2019 (the “Registration Statement”). Wellington Shields & Co., LLC (“Wellington”) served as the exclusive placement agent in connection with the Offering, pursuant to a placement agency agreement dated as of September 23, 2021 (the “Placement Agency Agreement”), between the Company and Wellington. The Company agreed to pay Wellington a cash fee of 6.00 372,000 50,000 499,000 5,701,000 22,000 499,000 The Company plans to use the aggregate net proceeds from the Offering primarily for working capital and general corporate purposes, including for certain facility expansion and upgrades, with the use of such proceeds subject to changes, based on the judgment of management. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events Management evaluated events occurring subsequent to September 30, 2021 through November 12, 2021, the date these consolidated financial statements were available for issuance, and other than as noted below determined that no material recognizable subsequent events occurred. Incentive Stock Option Agreements On October 14, 2021, the Company’s Compensation and Stock Option Committee (the “Compensation Committee”) and the Board approved the grant of ISOs to certain employees for the purchase, under the Company’s 2017 Plan, of up to an aggregate 305,000 50,000 25,000 20,000 25,000 25,000 six years five 7.005 Common Stock Offering See “Note 15 – Common Stock Subscription Agreements” above for a description of the Offering of Shares and the collection of the proceeds and issuance of such Shares in connection with the Offering during September 2021 and October 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2019-12 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In January 2020, the FASB issued ASU 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), clarifying the Interactions between Topic 321, Topic 323, and Topic 815.” This guidance addresses accounting for the transition into and out of the equity method and provides clarification of the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements. In October 2020, the FASB issued ASU No 2020-10, “Codification Improvements.” ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements. ASU 2020-10 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of ASU No. 2020-01 by the Company effective January 1, 2021 did not have a material impact on the Company’s financial statements or disclosures. |
Recently Issued Accounting Standards – Not Yet Adopted | Recently Issued Accounting Standards – Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments,” and various subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables and loans. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. In November 2019, FASB issued ASU 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842),” which defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies (“SRC”) as defined by the Commission to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. These ASUs are effective January 1, 2023 for the Company as an SRC. Under new guidance issued by the Commission in March 2020, the Company will continue to qualify as a smaller reporting company but will also be an accelerated filer for all filings with the Commission after January 1, 2022. The Company is currently evaluating the impact of these ASU on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity.” ASU 2020-06 simplifies the accounting for convertible instruments by removing major separation models and removing certain settlement condition qualifiers for the derivatives scope exception for contracts in an entity’s own equity, and simplifies the related diluted net income per share calculation for both Subtopics. ASU 2020-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, for the Company as an SRC. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures. In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 206), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force).” ASU 2021-04 addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This ASU is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this ASU will have a material impact on its financial statements. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of our services and provides meaningful disaggregation of each business segment’s results of operations. The nature of the Company’s performance obligations within our Treatment and Services Segments result in the recognition of our revenue primarily over time. The following tables present further disaggregation of our revenues by different categories for our Services and Treatment Segments: Schedule of Disaggregation of Revenue Revenue by Contract Type (In thousands) Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 8,893 $ 3,031 $ 11,924 $ 7,066 $ 2,372 $ 9,438 Time and materials — 3,873 3,873 — 20,734 20,734 Total $ 8,893 $ 6,904 $ 15,797 $ 7,066 $ 23,106 $ 30,172 Revenue by Contract Type (In thousands) Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Fixed price $ 24,094 $ 7,094 $ 31,188 $ 24,469 $ 6,093 $ 30,562 Time and materials — 23,887 23,887 — 46,517 46,517 Total $ 24,094 $ 30,981 $ 55,075 $ 24,469 $ 52,610 $ 77,079 Revenue by generator (In thousands) Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 6,725 $ 4,552 $ 11,277 $ 5,334 $ 21,660 $ 26,994 Domestic commercial 1,956 399 2,355 1,598 459 2,057 Foreign government 36 1,931 1,967 134 966 1,100 Foreign commercial 176 22 198 — 21 21 Total $ 8,893 $ 6,904 $ 15,797 $ 7,066 $ 23,106 $ 30,172 Revenue by generator (In thousands) Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Treatment Services Total Treatment Services Total Domestic government $ 16,962 $ 24,172 $ 41,134 $ 19,079 $ 48,249 $ 67,328 Domestic commercial 6,284 1,185 7,469 5,256 1,352 6,608 Foreign government 577 5,556 6,133 134 2,945 3,079 Foreign commercial 271 68 339 — 64 64 Total $ 24,094 $ 30,981 $ 55,075 $ 24,469 $ 52,610 $ 77,079 |
Schedule of Contract Assets and Liabilities | The following table represents changes in our contract assets and contract liabilities balances: Schedule of Contract Assets and Liabilities Year-to-date Year-to-date (In thousands) September 30, 2021 December 31, 2020 Change ($) Change (%) Contract assets Account receivables, net of allowance $ 11,816 $ 9,659 $ 2,157 22.3 % Unbilled receivables - current 5,696 14,453 (8,757 ) (60.6 )% Contract liabilities Deferred revenue $ 3,435 $ 4,614 $ (1,179 ) (25.6 )% |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
Schedule of Components of Lease Cost | The components of lease cost for the Company’s leases for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands): Schedule of Components of Lease Cost Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Operating Leases: Lease cost $ 115 $ 114 $ 341 $ 342 Finance Leases: Amortization of ROU assets 53 109 170 161 Interest on lease liability 50 47 85 97 Finance Leases 103 156 255 258 Short-term lease rent expense 4 3 10 7 Total lease cost $ 222 $ 273 $ 606 $ 607 |
Schedule of Weighted Average Lease | The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at September 30, 2021 were: Schedule of Weighted Average Lease Operating Leases Finance Leases Weighted average remaining lease terms (years) 7.1 2.6 Weighted average discount rate 7.6 % 4.6 % |
Schedule of Supplemental Cash Flow and Other Information Related to Leases | The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2021 to the operating and finance lease liabilities recorded on the balance sheet (in thousands): Schedule of Operating and Finance Lease Liability Maturity Operating Leases Finance Leases 2021 (Remaining) $ 132 $ 64 2022 576 271 2023 560 150 2024 420 146 2025 327 146 2025 and thereafter 1,260 341 Total undiscounted lease payments 3,275 1,118 Less: Imputed interest (754 ) (85 ) Present value of lease payments $ 2,521 $ 1,033 Current portion of operating lease obligations $ 387 $ — Long-term operating lease obligations, less current portion $ 2,134 $ — Current portion of finance lease obligations $ — $ 257 Long-term finance lease obligations, less current portion $ — $ 776 Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2021 and 2020 (in thousands): Schedule of Supplemental Cash Flow and Other Information Related to Leases Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 103 $ 111 $ 307 $ 331 Operating cash flow used in finance leases $ 50 $ 47 $ 85 $ 97 Financing cash flow used in finance leases $ 76 $ 182 $ 281 $ 411 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 323 $ 751 $ 323 $ 874 Operating liabilities $ 184 — $ 350 $ — Reduction to ROU assets resulting from reassessment for: Finance liabilities $ (364 ) $ — $ (364 ) $ — |
Schedule of Supplemental Cash Flow and Other Information Related to Leases | Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2021 and 2020 (in thousands): Schedule of Supplemental Cash Flow and Other Information Related to Leases Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow used in operating leases $ 103 $ 111 $ 307 $ 331 Operating cash flow used in finance leases $ 50 $ 47 $ 85 $ 97 Financing cash flow used in finance leases $ 76 $ 182 $ 281 $ 411 ROU assets obtained in exchange for lease obligations for: Finance liabilities $ 323 $ 751 $ 323 $ 874 Operating liabilities $ 184 — $ 350 $ — Reduction to ROU assets resulting from reassessment for: Finance liabilities $ (364 ) $ — $ (364 ) $ — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table summarizes information relating to the Company’s definite-lived intangible assets: Schedule of Finite-Lived Intangible Assets September 30, 2021 December 31, 2020 Weighted Average Gross Net Gross Net Amortization Period Carrying Accumulated Carrying Carrying Accumulated Carrying (Years) Amount Amortization Amount Amount Amortization Amount Other Intangibles (amount in thousands) Patent 12.5 $ 784 $ (348 ) $ 436 $ 742 $ (334 ) $ 408 Software 3 588 (415 ) 173 418 (411 ) 7 Customer relationships 10 3,370 (3,044 ) 326 3,370 (2,910 ) 460 Total $ 4,742 $ (3,807 ) $ 935 $ 4,530 $ (3,655 ) $ 875 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets: Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Year (In thousands) 2021 (remaining) $ 59 2022 227 2023 187 2024 57 2025 14 |
Capital Stock, Stock Plans an_2
Capital Stock, Stock Plans and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Options Valuation Assumptions | Schedule of Stock Options Valuation Assumptions Outside Director Stock Option Granted Nine Months Ended September 30, 2021 Weighted-average fair value per share $ 3.90 Risk -free interest rate (1) 1.23 1.61 % Expected volatility of stock (2) 55.84 55.91 Dividend yield None Expected option life (3) 10.0 (1) The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option. (2) The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option. (3) The expected option life is based on historical exercises and post-vesting data. |
Schedule of Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation recognized for the three and nine months ended September 30, 2021 and 2020 for our employee and director stock options. Schedule of Share-based Compensation, Allocation of Recognized Period Costs 2021 2020 2021 2020 Three Months Ended Nine Months Ended Stock Options September 30, September 30, 2021 2020 2021 2020 Employee Stock Options $ 34,000 $ 34,000 $ 100,000 $ 99,000 Director Stock Options 28,000 35,000 49,000 62,000 Total $ 62,000 $ 69,000 $ 149,000 $ 161,000 Stock-Based Compensation $ 62,000 $ 69,000 $ 149,000 $ 161,000 |
Schedule of Stock Options Roll Forward | The summary of the Company’s total stock option plans as of September 30, 2021 and September 30, 2020, and changes during the periods then ended, are presented below. The Company’s plans consist of the 2010 Stock Option Plan, the 2017 Plan and the 2003 Plan: Schedule of Stock Options Roll Forward Shares Weighted Average Exercise Weighted Average Remaining Contractual Term Aggregate Intrinsic (4) Options outstanding January 1, 2021 658,400 $ 3.87 Granted 76,000 $ 6.05 Exercised (500 ) $ 3.15 $ 2,175 Forfeited/expired (19,500 ) $ 6.75 Options outstanding end of period (1) 714,400 $ 4.02 3.6 $ 1,888,695 Options exercisable at September 30, 2021 (2) 416,400 $ 3.91 2.9 $ 1,146,320 Shares Weighted Average Exercise Weighted Average Remaining Contractual Term Aggregate Intrinsic (4) Options outstanding January 1, 2020 681,300 $ 3.84 Granted 24,000 $ 6.92 Exercised (12,500 ) $ 3.47 $ 16,060 Forfeited/expired (34,400 ) $ 5.52 Options outstanding end of period (2) 658,400 $ 3.87 3.7 $ 2,096,355 Options exercisable at September 30, 2020 (3) 340,400 $ 4.01 3.6 $ 1,036,255 (1) Options with exercise prices ranging from $ 2.79 7.50 (2) Options with exercise prices ranging from $ 2.79 7.29 (3) Options with exercise prices ranging from $ 2.79 7.05 (4) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price. |
Income Per Share (Tables)
Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Schedule of Earnings Per Share, Basic and Diluted (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, (Unaudited) (Unaudited) (Amounts in Thousands, Except for Per Share Amounts) 2021 2020 2021 2020 Net income attributable to Perma-Fix Environmental Services, Inc., common stockholders: Income from continuing operations, net of taxes $ 1,381 1,481 3,464 3,049 Net loss attributable to non-controlling interest (64 ) (32 ) (123 ) (87 ) Income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 1,445 $ 1,513 $ 3,587 $ 3,136 Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders (43 ) (67 ) (285 ) (266 ) Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders $ 1,402 $ 1,446 $ 3,302 $ 2,870 Basic income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .11 $ .12 $ .27 $ .24 Diluted income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders $ .11 $ .12 $ .27 $ .23 Weighted average shares outstanding: Basic weighted average shares outstanding 12,198 12,145 12,181 12,134 Add: dilutive effect of stock options 183 201 206 181 Add: dilutive effect of warrant 25 25 29 22 Diluted weighted average shares outstanding 12,406 12,371 12,416 12,337 Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: Stock options 30 30 30 42 Warrant — — — — Stock Options and Warrants |
Long Term Debt (Tables)
Long Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long term Debt | Long-term debt consists of the following: Schedule of Long term Debt (Amounts in Thousands) September 30, 2021 December 31, 2020 Total debt 1,098 6,729 Revolving Credit receivable, subject to monthly borrowing base calculation, balance due on May 15, 2024 5.3 (1) $ — $ — Term Loan due on May 15, 2024 4.4 (1) 1,056 (2) 1,388 (2) Promissory Note annual rate of 1.0 (3) — (4) 5,318 (4) Notes Payable to 2023 and 2025, annual interest rate of 5.6 9.1 42 23 Total debt 1,098 6,729 Less current portion of long-term debt 396 3,595 Long-term debt $ 702 $ 3,134 (1) Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. (2) Net of debt issuance costs of ($ 117,000 105,000 (3) Uncollateralized note. (4) Entered into with the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021). |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet | The following table presents the major class of assets of discontinued operations at September 30, 2021 and December 31, 2020. No assets and liabilities were held for sale at each of the periods noted. Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet September 30, December 31, (Amounts in Thousands) 2021 2020 Current assets Other assets $ 18 $ 22 Total current assets 18 22 Long-term assets Property, plant and equipment, net (1) 81 81 Other assets — — Total long-term assets 81 81 Total assets $ 99 $ 103 Current liabilities Accounts payable $ 3 $ 4 Accrued expenses and other liabilities 207 150 Environmental liabilities 122 744 Total current liabilities 332 898 Long-term liabilities Closure liabilities 148 142 Environmental liabilities 654 110 Total long-term liabilities 802 252 Total liabilities $ 1,134 $ 1,150 (1) net of accumulated depreciation of $ 10,000 |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The table below presents certain financial information of our operating segments for the three and nine months ended September 30, 2021 and 2020 (in thousands). Schedule of Segment Reporting Information Segment Reporting for the Quarter Ended September 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 8,893 $ 6,904 — $ 15,797 $ — $ 15,797 Intercompany revenues 220 5 — 225 — — Gross profit (negative gross profit) 2,487 (263 ) — 2,224 — 2,224 Research and development 52 18 162 232 11 243 Interest income — — — — 2 2 Interest expense (51 ) (1 ) — (52 ) (25 ) (77 ) Interest expense-financing fees — — — — (11 ) (11 ) Depreciation and amortization 319 85 — 404 5 409 Segment income (loss) before income taxes 1,317 (984 ) (162 ) 171 (1,626 ) (1,455 ) Income tax expense (benefit) 1 — — 1 (2,837 ) (2,836 ) (5) Segment income (loss) 1,316 (984 ) (162 ) 170 1,211 1,381 Expenditures for segment assets 482 — — 482 — 482 (2) Segment Reporting for the Quarter Ended September 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 7,066 $ 23,106 — $ 30,172 $ — $ 30,172 Intercompany revenues 226 6 — 232 — — Gross profit 1,094 3,656 — 4,750 — 4,750 Research and development 49 7 81 137 20 157 Interest income — — — — 28 28 Interest expense (34 ) (3 ) — (37 ) (50 ) (87 ) Interest expense-financing fees — — — — (58 ) (58 ) Depreciation and amortization 373 97 — 470 8 478 Segment income (loss) before income taxes 280 2,813 (81 ) 3,012 (1,664 ) 1,348 Income tax (benefit) expense (170 ) 2 — (168 ) 35 (133 ) Segment income (loss) 450 2,811 (81 ) 3,180 (1,699 ) 1,481 Expenditures for segment assets 95 24 — 119 3 122 (3) Segment Reporting for the Nine Months Ended September 30, 2021 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 24,094 $ 30,981 — $ 55,075 $ — $ 55,075 Intercompany revenues 1,199 44 — 1,243 — — Gross profit 4,845 701 — 5,546 — 5,546 Research and development 142 50 311 503 35 538 Interest income — — — — 23 23 Interest expense (88 ) (9 ) — (97 ) (112 ) (209 ) Interest expense-financing fees — — — — (28 ) (28 ) Depreciation and amortization 939 255 — 1,194 14 1,208 Segment income (loss) before income taxes 1,669 (1,721 ) (311 ) (363 ) 987 (4) 624 Income tax (benefit) expense (13 ) 10 — (3 ) (2,837 ) (2,840 ) (5) Segment income (loss) 1,682 (1,731 ) (311 ) (360 ) 3,824 3,464 Expenditures for segment assets 1,109 14 — 1,123 9 1,132 (2) Segment Reporting for the Nine Months Ended September 30, 2020 Treatment Services Medical Segments Total Corporate (1) Consolidated Total Treatment Services Medical Segments Total Corporate (1) Consolidated Total Revenue from external customers $ 24,469 $ 52,610 — $ 77,079 $ — $ 77,079 Intercompany revenues 879 19 — 898 — — Gross profit 5,533 7,167 — 12,700 — 12,700 Research and development 194 119 221 534 64 598 Interest income 1 — — 1 111 112 Interest expense (80 ) (13 ) — (93 ) (213 ) (306 ) Interest expense-financing fees — — — — (187 ) (187 ) Depreciation and amortization 912 259 — 1,171 18 1,189 Segment income (loss) before income taxes 2,577 5,162 (221 ) 7,518 (4,597 ) 2,921 Income tax (benefit) expense (165 ) 2 — (163 ) 35 (128 ) Segment income (loss) 2,742 5,160 (221 ) 7,681 (4,632 ) 3,049 Expenditures for segment assets 1,095 385 — 1,480 8 1,488 (3) (1) Amounts reflect the activity for corporate headquarters not included in the segment information. (2) Net of financed amount of $ 271,000 348,000 (3) Net of financed amount of $ 751,000 883,000 (4) Amounts includes approximately $ 5,381,000 (5) Includes tax benefit recorded in amount of approximately $ 2,351,000 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 15,797 | $ 30,172 | $ 55,075 | $ 77,079 |
Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 11,277 | 26,994 | 41,134 | 67,328 |
Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 2,355 | 2,057 | 7,469 | 6,608 |
Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,967 | 1,100 | 6,133 | 3,079 |
Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 198 | 21 | 339 | 64 |
Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 8,893 | 7,066 | 24,094 | 24,469 |
Treatment [Member] | Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 6,725 | 5,334 | 16,962 | 19,079 |
Treatment [Member] | Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,956 | 1,598 | 6,284 | 5,256 |
Treatment [Member] | Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 36 | 134 | 577 | 134 |
Treatment [Member] | Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 176 | 271 | ||
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 6,904 | 23,106 | 30,981 | 52,610 |
Services [Member] | Domestic Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 4,552 | 21,660 | 24,172 | 48,249 |
Services [Member] | Domestic Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 399 | 459 | 1,185 | 1,352 |
Services [Member] | Foreign Government [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 1,931 | 966 | 5,556 | 2,945 |
Services [Member] | Foreign Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 22 | 21 | 68 | 64 |
Fixed Price [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 11,924 | 9,438 | 31,188 | 30,562 |
Fixed Price [Member] | Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 8,893 | 7,066 | 24,094 | 24,469 |
Fixed Price [Member] | Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 3,031 | 2,372 | 7,094 | 6,093 |
Time and Materials [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | 3,873 | 20,734 | 23,887 | 46,517 |
Time and Materials [Member] | Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | ||||
Time and Materials [Member] | Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenues | $ 3,873 | $ 20,734 | $ 23,887 | $ 46,517 |
Schedule of Contract Assets and
Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Account receivables, net of allowance | $ 11,816 | $ 9,659 | |
Unbilled receivables - current | 5,696 | 14,453 | |
Changes in Unbilled receivables - current | (8,757) | $ 6,382 | |
Deferred revenue | 3,435 | $ 4,614 | |
Year-to-date Change [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Change in account receivable, net the change in allowance | $ 2,157 | ||
Changes in Account receivables, net of allowance, percentage | 22.30% | ||
Changes in Unbilled receivables - current | $ (8,757) | ||
Changes in Unbilled receivables - current, percentage | (60.60%) | ||
Changes in Deferred revenue | $ (1,179) | ||
Changes in Deferred revenue, percentage | (25.60%) |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 561,000 | $ 1,134,000 | $ 6,635,000 | $ 7,673,000 |
Treatment Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 1,286,000 | $ 1,286,000 | ||
Revenue information related to variable consideration constraint | The Company’s contracts generally do not give rise to variable consideration. However, during the three and nine months ended September 30, 2021, the Company recognized approximately $1,286,000 in revenue from a request for equitable adjustment (“REA”) under one of the Company’s Treatment Services contracts that resulted in cumulative catch-up adjustment in the transaction price that had been constrained in prior periods. |
Schedule of Components of Lease
Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Leases: | ||||
Lease cost | $ 115 | $ 114 | $ 341 | $ 342 |
Finance Leases: | ||||
Amortization of ROU assets | 53 | 109 | 170 | 161 |
Interest on lease liability | 50 | 47 | 85 | 97 |
Finance Leases | 103 | 156 | 255 | 258 |
Short-term lease rent expense | 4 | 3 | 10 | 7 |
Total lease cost | $ 222 | $ 273 | $ 606 | $ 607 |
Schedule of Weighted Average Le
Schedule of Weighted Average Lease (Details) | Sep. 30, 2021 |
Leases | |
Operating Leases, Weighted average remaining lease terms (years) | 7 years 1 month 6 days |
Finance Leases, Weighted average remaining lease terms (years) | 2 years 7 months 6 days |
Operating Leases, Weighted average discount rate | 7.60% |
Finance Leases, Weighted average discount rate | 4.60% |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Leases | |||||
Operating Leases 2021 (Remaining) | $ 132 | $ 132 | |||
Finance Leases 2021 (Remaining) | 64 | 64 | |||
Operating Leases 2022 | 576 | 576 | |||
Finance Leases 2022 | 271 | 271 | |||
Operating Leases 2023 | 560 | 560 | |||
Finance Leases 2023 | 150 | 150 | |||
Operating Leases 2024 | 420 | 420 | |||
Finance Leases 2024 | 146 | 146 | |||
Operating Leases 2025 | 327 | 327 | |||
Finance Leases 2025 | 146 | 146 | |||
Operating Leases 2025 and thereafter | 1,260 | 1,260 | |||
Finance Leases 2025 and thereafter | 341 | 341 | |||
Operating Leases Total undiscounted lease payments | 3,275 | 3,275 | |||
Finance Leases Total undiscounted lease payments | 1,118 | 1,118 | |||
Operating Leases Less: Imputed interest | (754) | (754) | |||
Finance Leases Less: Imputed interest | (85) | (85) | |||
Operating Leases Present value of lease payments | 2,521 | 2,521 | |||
Finance Leases Present value of lease payments | 1,033 | 1,033 | |||
Current portion of operating lease obligations | 387 | 387 | $ 273 | ||
Long-term operating lease obligations, less current portion | 2,134 | 2,134 | 2,070 | ||
Current portion of finance lease obligations | 257 | 257 | 525 | ||
Long-term finance lease obligations, less current portion | 776 | 776 | $ 662 | ||
Operating cash flow used in operating leases | 103 | $ 111 | 307 | $ 331 | |
Operating cash flow used in finance leases | 50 | 47 | 85 | 97 | |
Financing cash flow used in finance leases | 76 | 182 | 281 | 411 | |
Finance liabilities | 323 | 751 | 323 | 874 | |
Operating liabilities | 184 | 350 | |||
Finance liabilities | $ (364) | $ (364) |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,742 | $ 4,530 |
Accumulated Amortization | (3,807) | (3,655) |
Finite-Lived Intangible Assets, Net | $ 935 | 875 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 12 years 6 months | |
Gross Carrying Amount | $ 784 | 742 |
Accumulated Amortization | (348) | (334) |
Finite-Lived Intangible Assets, Net | $ 436 | 408 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 3 years | |
Gross Carrying Amount | $ 588 | 418 |
Accumulated Amortization | (415) | (411) |
Finite-Lived Intangible Assets, Net | $ 173 | 7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (Years) | 10 years | |
Gross Carrying Amount | $ 3,370 | 3,370 |
Accumulated Amortization | (3,044) | (2,910) |
Finite-Lived Intangible Assets, Net | $ 326 | $ 460 |
Schedule of Finite-Lived Inta_2
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Finite-Lived Intangible Assets [Member] $ in Thousands | Sep. 30, 2021USD ($) |
Impairment Effects on Earnings Per Share [Line Items] | |
2021 (Remaining) | $ 59 |
2022 | 227 |
2023 | 187 |
2024 | 57 |
2025 | $ 14 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible asset | $ 51,000 | $ 58,000 | $ 152,000 | $ 167,000 |
Schedule of Stock Options Valua
Schedule of Stock Options Valuation Assumptions (Details) - Outside Director Stock Options Granted [Member] | 9 Months Ended | |
Sep. 30, 2021$ / shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value per option | $ 3.90 | |
Risk-free interest rate, Minimum | 1.23% | [1] |
Risk-free interest rate, Maximum | 1.61% | [1] |
Expected volatility of stock, Minimum | 55.84% | [2] |
Expected volatility of stock, Maximum | 55.91% | [2] |
Dividend yield | 0.00% | |
Expected option life | 10 years | [3] |
[1] | The risk-free interest rate is based on the U.S. Treasury yield in effect at the grant date over the expected term of the option. | |
[2] | The expected volatility is based on historical volatility from our traded Common Stock over the expected term of the option. | |
[3] | The expected option life is based on historical exercises and post-vesting data. |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Allocation of Recognized Period Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 62,000 | $ 69,000 | $ 149,000 | $ 161,000 |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | 34,000 | 34,000 | 100,000 | 99,000 |
Director Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation | $ 28,000 | $ 35,000 | $ 49,000 | $ 62,000 |
Schedule of Stock Options Roll
Schedule of Stock Options Roll Forward (Details) - Equity Option [Member] - USD ($) | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Shares Options Outstanding Beginning | 658,400 | 681,300 | ||
Weighted Average Exercise Price Options Outstanding Beginning | $ 3.87 | $ 3.84 | ||
Shares Options Granted | 76,000 | 24,000 | ||
Weighted Average Exercise Price Options Granted | $ 6.05 | $ 6.92 | ||
Shares Options Exercised | (500) | (12,500) | ||
Weighted Average Exercise Price Options Exercised | $ 3.15 | $ 3.47 | ||
Aggregate Intrinsic Value Options Exercised | $ 2,175 | $ 16,060 | [1] | |
Shares Options Forfeited/expired | (19,500) | (34,400) | ||
Weighted Average Exercise Price Options Forfeited/expired | $ 6.75 | $ 5.52 | ||
Shares Options Outstanding Ending | 714,400 | [2] | 658,400 | [3] |
Weighted Average Exercise Price Options Outstanding Ending | $ 4.02 | [2] | $ 3.87 | [3] |
Weighted Average Remaining Contractual Term (years) Outstanding | 3 years 7 months 6 days | [2] | 3 years 8 months 12 days | [3] |
Aggregate Intrinsic Value Options Outstanding | $ 1,888,695 | [2] | $ 2,096,355 | [1],[3] |
Shares Options Exercisable | 416,400 | [4] | 340,400 | [3] |
Weighted Average Exercise Price Options Exercisable | $ 3.91 | [4] | $ 4.01 | [3] |
Weighted Average Remaining Contractual Term (years) Exercisable | 2 years 10 months 24 days | [4] | 3 years 7 months 6 days | [3] |
Aggregate Intrinsic Value Options Exercisable | $ 1,146,320 | [4] | $ 1,036,255 | [1],[3] |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds | |||
[2] | Options with exercise prices ranging from $ 2.79 7.50 | |||
[3] | Options with exercise prices ranging from $ 2.79 7.05 | |||
[4] | Options with exercise prices ranging from $ 2.79 7.29 |
Schedule of Stock Options Rol_2
Schedule of Stock Options Roll Forward (Details) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Option Outstanding [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 2.79 | $ 2.79 |
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | 7.50 | $ 7.05 |
Stock Option Exercisable [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | 2.79 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 7.29 |
Capital Stock, Stock Plans an_3
Capital Stock, Stock Plans and Stock-Based Compensation (Details Narrative) - USD ($) | Jul. 20, 2021 | May 04, 2021 | Jul. 27, 2017 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2018 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Weighted average term for unrecognized and unvested option to be recognized | 2 years 10 months 24 days | ||||||||||||
Shares issued | $ 116,000 | $ 109,000 | $ 79,000 | $ 62,000 | $ 56,000 | $ 48,000 | |||||||
Selling, General and Administrative Expense | 3,348,000 | $ 3,308,000 | $ 9,550,000 | $ 8,935,000 | |||||||||
Subscription Agreements [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock | 1,000,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Selling, General and Administrative Expense | $ 343,000,000 | ||||||||||||
Ferguson Stock Option [Member] | Second Milestone [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options to purchase shares of common stock | 30,000 | ||||||||||||
Ferguson Stock Option [Member] | Third Milestone [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Options to purchase shares of common stock | 60,000 | ||||||||||||
Robert Ferguson [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock upon exercise of options | 10,000 | ||||||||||||
Unrecognized compensation cost related to unvested options consultant | $ 262,000 | $ 262,000 | |||||||||||
Remaining stock option | 90,000 | 90,000 | |||||||||||
Employee and Directors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Unrecognized compensation cost related to unvested options consultant | $ 420,000 | $ 420,000 | |||||||||||
2003 Stock Option Plan [Member] | Common Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issued | $ 42,436 | ||||||||||||
2003 Stock Option Plan [Member] | Dr.Louis Cent of Anti [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of stock option shares granted | 10,000 | ||||||||||||
Common stock, par value | $ 0.001 | ||||||||||||
Contractual term | 10 years | ||||||||||||
Annual vesting, description | one-fourth vesting annually over a four-year period | ||||||||||||
Stock options, exercise price | $ 5.93 | ||||||||||||
2003 Stock Option Plan [Member] | Board of Directors Chairman [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of stock option shares granted | 6,000 | ||||||||||||
Contractual term | 10 years | ||||||||||||
Stock options, exercise price | $ 7.50 | ||||||||||||
Vesting period | 6 months | ||||||||||||
2017 Stock Option Plan [Member] | Consultant [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of stock option shares granted | 100,000 | ||||||||||||
Stock options, exercise price | $ 3.65 | ||||||||||||
Stock Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Issuance of common stock from casless exercise | 290 | ||||||||||||
Stock Plan [Member] | Common Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock options, exercise price | $ 3.15 | ||||||||||||
Number of stock option purchased | 500 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income attributable to Perma-Fix Environmental Services, Inc., common stockholders: | ||||
Income from continuing operations, net of taxes | $ 1,381,000 | $ 1,481,000 | $ 3,464,000 | $ 3,049,000 |
Net loss attributable to non-controlling interest | (64,000) | (32,000) | (123,000) | (87,000) |
Income from continuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | 1,445,000 | 1,513,000 | 3,587,000 | 3,136,000 |
Loss from discontinuing operations attributable to Perma-Fix Environmental Services, Inc. common stockholders | (43,000) | (67,000) | (285,000) | (266,000) |
Net income attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 1,402,000 | $ 1,446,000 | $ 3,302,000 | $ 2,870,000 |
Basic income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 0.11 | $ 0.12 | $ 0.27 | $ 0.24 |
Diluted income per share attributable to Perma-Fix Environmental Services, Inc. common stockholders | $ 0.11 | $ 0.12 | $ 0.27 | $ 0.23 |
Weighted average shares outstanding: | ||||
Basic weighted average shares outstanding | 12,198 | 12,145 | 12,181 | 12,134 |
Add: dilutive effect of stock options | 183 | 201 | 206 | 181 |
Add: dilutive effect of warrant | 25 | 25 | 29 | 22 |
Diluted weighted average shares outstanding | 12,406 | 12,371 | 12,416 | 12,337 |
Stock Options [Member] | ||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | ||||
Stock Options and Warrants | 30 | 30 | 30 | 42 |
Warrant [Member] | ||||
Potential shares excluded from above weighted average share calculations due to their anti-dilutive effect include: | ||||
Stock Options and Warrants |
Income Per Share (Details Narra
Income Per Share (Details Narrative) - shares | 9 Months Ended | |||
Sep. 30, 2021 | Oct. 01, 2021 | Dec. 31, 2020 | ||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, shares issued | 12,304,265 | [1] | 12,161,539 | |
Common stock, shares outstanding | 12,296,623 | [1] | 12,153,897 | |
Subscription Agreements [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Issuance of common stock | 1,000,000 | |||
Offering [Member] | Subscription Agreements [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Issuance of common stock | 1,000,000 | |||
Offering [Member] | Subscription Agreements [Member] | Subsequent Event [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, shares issued | 900,000 | |||
Common stock, shares outstanding | 900,000 | |||
[1] | See Note 15 |
Schedule of Long term Debt (Det
Schedule of Long term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total debt | $ 1,098 | $ 6,729 | |
Less current portion of long-term debt | 396 | 3,595 | |
Long-term debt | 702 | 3,134 | |
Revolving Credit [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [1] | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [1],[2] | 1,056 | 1,388 |
Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | [3],[4] | 5,318 | |
Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 42 | $ 23 | |
[1] | Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. | ||
[2] | Net of debt issuance costs of ($ 117,000 105,000 | ||
[3] | Entered into with the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021). | ||
[4] | Uncollateralized note. |
Schedule of Long term Debt (D_2
Schedule of Long term Debt (Details) (Parenthetical) - USD ($) | May 08, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Apr. 14, 2020 |
Debt Instrument [Line Items] | ||||
Debt Issuance Costs, Net | $ 117,000 | $ 105,000 | ||
Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 1.00% | |||
Note Payable to 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 5.60% | |||
Note Payable to 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 9.10% | |||
Revolving Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 5.30% | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt due date | May 15, 2024 | |||
Effective interest rate | 4.40% |
Long Term Debt (Details Narrati
Long Term Debt (Details Narrative) - USD ($) | Aug. 10, 2021 | Jun. 15, 2021 | May 04, 2021 | May 08, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 14, 2021 | Dec. 31, 2020 | Apr. 14, 2020 | |
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 1,098,000 | $ 1,098,000 | $ 6,729,000 | |||||||||
Credit facility, description | the quarterly FCCR testing requirement starting for the fourth quarter of 2021 and revises the methodology to be used in calculating the FCCR for the quarters ending December 31, 2021, March 31, 2022, and June 30, 2022 (with no change to the minimum 1.15:1 ratio requirement for each quarter) | |||||||||||
Letters of credit outstanding, amount | 3,020,000 | 3,020,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt | 5,381,000 | $ (27,000) | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, basis spread on variable rate | 0.75% | |||||||||||
Lender [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument fees amount | $ 15,000 | |||||||||||
Capital Expenditure [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | |||||||||||
Loan Agreement [Member] | Lender [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument fees amount | 15,000,000 | |||||||||||
Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | [1],[2] | 1,056,000 | 1,056,000 | $ 1,388,000 | ||||||||
PNC Bank [Member] | Loan Agreement [Member] | On or Before May 7, 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Financing fee percentage | 1.00% | |||||||||||
PNC Bank [Member] | Loan Agreement [Member] | After May 7, 2021 But Prior to or On May 7, 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Financing fee percentage | 0.50% | |||||||||||
Revised Loan Agreement [Member] | PNC Bank [Member] | Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 1,742,000 | |||||||||||
Paycheck Protection Program Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 5,318,000 | |||||||||||
Eligible expenses incurred in connection with the PPP loan | $ 5,318,000 | |||||||||||
Debt instrument, interest rate | 1.00% | |||||||||||
Debt Instrument, Decrease, Forgiveness | $ 5,318,000 | |||||||||||
Interest forgiveness | $ 63,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 5,381,000,000 | |||||||||||
Term Loan and Capital Line Agreement [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, basis spread on variable rate | 2.50% | |||||||||||
Term Loan and Capital Line Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, basis spread on variable rate | 350.00% | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 3,000,000 | |||||||||||
Line of credit facility, remaining borrowing capacity | 10,804,000 | 10,804,000 | ||||||||||
Letters of credit outstanding, amount | $ 3,020,000 | $ 3,020,000 | ||||||||||
Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective interest rate | 3.25% | 3.25% | ||||||||||
Debt Instrument, basis spread on variable rate | 2.00% | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, basis spread on variable rate | 3.00% | |||||||||||
Revolving Credit Facility [Member] | Revised Loan Agreement [Member] | PNC Bank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 18,000,000 | |||||||||||
Revolving Credit Facility [Member] | Term Loan Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Monthly installments | $ 35,547 | |||||||||||
Annual rate of interest description | payment of annual rate of interest due on the revolving credit is at prime (3.25% at September 30, 2021) plus 2% or London InterBank Offer Rate (“LIBOR”) plus 3.00% and the term loan and the capital expenditure line at prime plus 2.50% or LIBOR plus 3.50%. | |||||||||||
[1] | Net of debt issuance costs of ($ 117,000 105,000 | |||||||||||
[2] | Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2003 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Self-insured retention | $ 100,000 | |||||
Finite risk sinking fund | $ 11,469,000 | 11,469,000 | $ 11,446,000 | |||
Interest income | 2,000 | $ 28,000 | 23,000 | $ 112,000 | ||
Letters of credit outstanding, amount | 3,020,000 | 3,020,000 | ||||
Bond outstanding | 50,092,000 | 50,092,000 | ||||
American International Group, Inc [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Period of finite risk insurance policy | 25 years | |||||
Maximum allowable coverage of insurance policy | 28,177,000 | 28,177,000 | ||||
Coverage amount under the policy | 19,898,000 | 19,898,000 | ||||
Interest income | $ 2,000 | $ 28,000 | $ 23,000 | $ 111,000 | ||
Insurers obligation to entity on termination of contract | 100.00% | 100.00% | ||||
American International Group, Inc [Member] | 2003 Closure Policy [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Finite risk sinking fund | $ 11,469,000 | $ 11,469,000 | 11,446,000 | |||
Interest income | $ 1,998,000 | $ 1,975,000 |
Schedule of Disposal Groups, In
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Other assets | $ 18 | $ 22 | |
Total current assets | 18 | 22 | |
Property, plant and equipment, net | [1] | 81 | 81 |
Other assets | |||
Total long-term assets | 81 | 81 | |
Total assets | 99 | 103 | |
Accounts payable | 3 | 4 | |
Accrued expenses and other liabilities | 207 | 150 | |
Environmental liabilities | 122 | 744 | |
Total current liabilities | 332 | 898 | |
Closure liabilities | 148 | 142 | |
Environmental liabilities | 654 | 110 | |
Total long-term liabilities | 802 | 252 | |
Total liabilities | $ 1,134 | $ 1,150 | |
[1] | net of accumulated depreciation of $ 10,000 |
Schedule of Disposal Groups, _2
Schedule of Disposal Groups, Including Discontinued Operation Balance Sheet (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Accumulated depreciation | $ 10,000 |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 43,000 | $ 67,000 | $ 285,000 | $ 266,000 |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 98,000 | $ 0 | $ 98,000 | $ 0 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | $ 15,797,000 | $ 30,172,000 | $ 55,075,000 | $ 77,079,000 | |||||
Intercompany revenues | |||||||||
Gross profit | 2,224,000 | 4,750,000 | 5,546,000 | 12,700,000 | |||||
Research and development | 243,000 | 157,000 | 538,000 | 598,000 | |||||
Interest income | 2,000 | 28,000 | 23,000 | 112,000 | |||||
Interest expense | (77,000) | (87,000) | (209,000) | (306,000) | |||||
Interest expense-financing fees | (11,000) | (58,000) | (28,000) | (187,000) | |||||
Depreciation and amortization | 409,000 | 478,000 | 1,208,000 | 1,189,000 | |||||
Segment income (loss) before income taxes | (1,455,000) | 1,348,000 | 624,000 | 2,921,000 | |||||
Income tax (benefit) expense | (2,836,000) | [1] | (133,000) | (2,840,000) | [1] | (128,000) | |||
Segment income (loss) | 1,381,000 | 1,481,000 | 3,464,000 | 3,049,000 | |||||
Expenditures for segment assets | 482,000 | [2] | 122,000 | [3] | 1,132,000 | [2] | 1,488,000 | [3] | |
Income tax benefit valuation allowance | 2,351,000,000 | ||||||||
Treatment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 8,893,000 | 7,066,000 | 24,094,000 | 24,469,000 | |||||
Intercompany revenues | 220,000 | 226,000 | 1,199,000 | 879,000 | |||||
Gross profit | 2,487,000 | 1,094,000 | 4,845,000 | 5,533,000 | |||||
Research and development | 52,000 | 49,000 | 142,000 | 194,000 | |||||
Interest income | 1,000 | ||||||||
Interest expense | (51,000) | (34,000) | (88,000) | (80,000) | |||||
Interest expense-financing fees | |||||||||
Depreciation and amortization | 319,000 | 373,000 | 939,000 | 912,000 | |||||
Segment income (loss) before income taxes | 1,317,000 | 280,000 | 1,669,000 | 2,577,000 | |||||
Income tax (benefit) expense | 1,000 | (170,000) | (13,000) | (165,000) | |||||
Segment income (loss) | 1,316,000 | 450,000 | 1,682,000 | 2,742,000 | |||||
Expenditures for segment assets | 482,000 | 95,000 | 1,109,000 | 1,095,000 | |||||
Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 6,904,000 | 23,106,000 | 30,981,000 | 52,610,000 | |||||
Intercompany revenues | 5,000 | 6,000 | 44,000 | 19,000 | |||||
Gross profit | (263,000) | 3,656,000 | 701,000 | 7,167,000 | |||||
Research and development | 18,000 | 7,000 | 50,000 | 119,000 | |||||
Interest income | |||||||||
Interest expense | (1,000) | (3,000) | (9,000) | (13,000) | |||||
Interest expense-financing fees | |||||||||
Depreciation and amortization | 85,000 | 97,000 | 255,000 | 259,000 | |||||
Segment income (loss) before income taxes | (984,000) | 2,813,000 | (1,721,000) | 5,162,000 | |||||
Income tax (benefit) expense | 2,000 | 10,000 | 2,000 | ||||||
Segment income (loss) | (984,000) | 2,811,000 | (1,731,000) | 5,160,000 | |||||
Expenditures for segment assets | 24,000 | 14,000 | 385,000 | ||||||
Medical [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | |||||||||
Intercompany revenues | |||||||||
Gross profit | |||||||||
Research and development | 162,000 | 81,000 | 311,000 | 221,000 | |||||
Interest income | |||||||||
Interest expense | |||||||||
Interest expense-financing fees | |||||||||
Depreciation and amortization | |||||||||
Segment income (loss) before income taxes | (162,000) | (81,000) | (311,000) | (221,000) | |||||
Income tax (benefit) expense | |||||||||
Segment income (loss) | (162,000) | (81,000) | (311,000) | (221,000) | |||||
Expenditures for segment assets | |||||||||
Segments Total [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | 15,797,000 | 30,172,000 | 55,075,000 | 77,079,000 | |||||
Intercompany revenues | 225,000 | 232,000 | 1,243,000 | 898,000 | |||||
Gross profit | 2,224,000 | 4,750,000 | 5,546,000 | 12,700,000 | |||||
Research and development | 232,000 | 137,000 | 503,000 | 534,000 | |||||
Interest income | 1,000 | ||||||||
Interest expense | (52,000) | (37,000) | (97,000) | (93,000) | |||||
Interest expense-financing fees | |||||||||
Depreciation and amortization | 404,000 | 470,000 | 1,194,000 | 1,171,000 | |||||
Segment income (loss) before income taxes | 171,000 | 3,012,000 | (363,000) | 7,518,000 | |||||
Income tax (benefit) expense | 1,000 | (168,000) | (3,000) | (163,000) | |||||
Segment income (loss) | 170,000 | 3,180,000 | (360,000) | 7,681,000 | |||||
Expenditures for segment assets | 482,000 | 119,000 | 1,123,000 | 1,480,000 | |||||
Corporate Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue from external customers | [4] | [4] | [4] | ||||||
Intercompany revenues | [4] | [4] | [4] | ||||||
Gross profit | [4] | [4] | [4] | ||||||
Research and development | 11,000 | [4] | 20,000 | [4] | 35,000 | [4] | 64,000 | ||
Interest income | 2,000 | [4] | 28,000 | [4] | 23,000 | [4] | 111,000 | ||
Interest expense | (25,000) | [4] | (50,000) | [4] | (112,000) | [4] | (213,000) | ||
Interest expense-financing fees | (11,000) | [4] | (58,000) | [4] | (28,000) | [4] | (187,000) | ||
Depreciation and amortization | 5,000 | [4] | 8,000 | [4] | 14,000 | [4] | 18,000 | ||
Segment income (loss) before income taxes | (1,626,000) | [4] | (1,664,000) | [4] | 987,000 | [4] | (4,597,000) | ||
Income tax (benefit) expense | (2,837,000) | [4] | 35,000 | [4] | (2,837,000) | [4] | 35,000 | ||
Segment income (loss) | 1,211,000 | [4] | (1,699,000) | [4] | 3,824,000 | [4] | (4,632,000) | ||
Expenditures for segment assets | [4] | $ 3,000 | [4] | 9,000 | [4] | $ 8,000 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | [5] | $ 987,000 | |||||||
[1] | Includes tax benefit recorded in amount of approximately $ 2,351,000 | ||||||||
[2] | Net of financed amount of $ 271,000 348,000 | ||||||||
[3] | Net of financed amount of $ 751,000 883,000 | ||||||||
[4] | Amounts reflect the activity for corporate headquarters not included in the segment information. | ||||||||
[5] | Amounts includes approximately $ 5,381,000 |
Schedule of Segment Reporting_2
Schedule of Segment Reporting Information (Details) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Short-term Debt [Line Items] | ||||
Financed portion amount in the purchase of capital expenditure | $ 271,000,000 | $ 751,000,000 | $ 348,000,000 | $ 883,000,000 |
Gain (Loss) on Extinguishment of Debt | 5,381,000 | $ (27,000) | ||
Paycheck Protection Program Loan [Member] | ||||
Short-term Debt [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 5,381,000,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Income Tax Disclosure [Abstract] | ||||||
Contract Value | $ 40,000,000 | |||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 2,351,000,000 | |||||
Income Tax Expense (Benefit) | $ 2,836,000 | [1] | $ 133,000 | $ 2,840,000 | [1] | $ 128,000 |
Effective income tax rate reconciliation, percent | 194.90% | 9.90% | 455.10% | 4.40% | ||
[1] | Includes tax benefit recorded in amount of approximately $ 2,351,000 |
Variable Interest Entities (__2
Variable Interest Entities (“VIE”) (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Partnership interest rate | 51.00% | |
Total assets | $ 75,404 | $ 78,919 |
Total liabilities | $ 34,346 | $ 46,468 |
Engineering/Remediation Resources Group, Inc [Member] | ||
Partnership interest rate | 49.00% | |
Perma-Fix ERRG [Member] | ||
Total assets | $ 2,535 | |
Total liabilities | $ 2,535 |
Deferral of Employment Tax De_2
Deferral of Employment Tax Deposits (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Other Liabilities, Noncurrent | $ 626,000 | $ 626,000 |
Deferral of Employment Tax Deposits [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Stock option exercise price per share upper limit One. | The Flexibility Act provides employers the option to defer the payment of an employer’s share of social security taxes beginning on March 27, 2020 through December 31, 2020 with 50% of the amount of social security taxes deferred to become due on December 31, 2021 with the remaining 50% due on December 31, 2022. The Company elected to defer such taxes starting in mid-April 2020. At September 30, 2021, the Company has deferred payment of approximately $1,252,000 in its share of social security taxes, of which approximately $626,000 is included in “Other long-term liabilities,” with the remaining balance included in “Accrued expenses” within current liabilities in the Company’s Consolidated Balance Sheets. | |
Remaining payment of social security taxes amount | $ 1,252,000 | |
Deferral of Employment Tax Deposits [Member] | December 31, 2021 [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Percentage of social security taxes deferred payable | 50.00% | |
Deferral of Employment Tax Deposits [Member] | December 31, 2022 [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Percentage of social security taxes deferred payable | 50.00% |
Common Stock Subscription Agr_2
Common Stock Subscription Agreements (Details Narrative) - USD ($) | Oct. 05, 2021 | Sep. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 01, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||||
Proceeds from Issuance of Common Stock | $ 618,000 | |||||
Wellington Shields & Co [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Proceeds from offering | $ 5,701,000 | |||||
Cash fee | 6.00% | |||||
Payment for offering | $ 372,000 | |||||
Offering cost | 50,000 | |||||
Deducting of offering cost | $ 499,000 | $ 499,000 | ||||
Offering cost paid | $ 22,000 | |||||
Subscription Agreements [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Issuance of common stock | 1,000,000 | |||||
Offering [Member] | Subscription Agreements [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Issuance of common stock | 1,000,000 | |||||
Sale of Stock, Price Per Share | $ 6.20 | $ 6.20 | ||||
Proceeds from offering | $ 6,200,000 | |||||
Proceeds from Issuance of Common Stock | $ 5,456,000 | |||||
Shares, Issued | 100,000 | 100,000 | ||||
Subscribed but unissued | 900,000 | 900,000 | ||||
Offering [Member] | Subscription Agreements [Member] | Subsequent Event [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Proceeds from Issuance of Common Stock | $ 744,000 | |||||
Shares, Issued | 900,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] | Oct. 14, 2021$ / sharesshares |
Incentive Stock Option Agreement [Member] | |
Subsequent Event [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years |
Vesting, contractual term | 5 years |
Exercise price | $ / shares | $ 7.005 |
Chief Executive Officer [Member] | Incentive Stock Option Agreement [Member] | |
Subsequent Event [Line Items] | |
Common stock granted | 50,000 |
Chief Financial Officer [Member] | Incentive Stock Option Agreement [Member] | |
Subsequent Event [Line Items] | |
Common stock granted | 25,000 |
EVP of Strategic Initiatives [Member] | Incentive Stock Option Agreement [Member] | |
Subsequent Event [Line Items] | |
Common stock granted | 20,000 |
EVP of Waste Treatment Operations [Member] | Incentive Stock Option Agreement [Member] | |
Subsequent Event [Line Items] | |
Common stock granted | 25,000 |
EVP of Nuclear and Technical Services [Member] | Incentive Stock Option Agreement [Member] | |
Subsequent Event [Line Items] | |
Common stock granted | 25,000 |
2017 Stock Option Plan [Member] | Board of Directors Chairman [Member] | |
Subsequent Event [Line Items] | |
Common stock granted | 305,000 |